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Dec 15, 2021
It is time for us to sit down and address the eventful week that we have experienced and everything that has unfolded. The last few days have been truly a rollercoaster of extreme ups and downs. What Samurai has experienced in a week, many protocols do not experience in their lifetimes. From overwhelming success and popularity to extreme dissatisfaction and anger.
It all started off with an extremely successful launch and quick establishment of a loyal, captivated community. Unfortunately, not even 24 hours later both RING and Samurai have been exploited by a hacker that targeted both protocols (which shared the exact same code base) and extracted massive amounts of tokens by maliciously interacting with the protocol. Despite implementing numerous security measures instantaneously it appeared to be too late, as the hacker had already penetrated the protocol and thus nothing could have been done to soothe and remedy the situation at the time.
For these reasons, we have decided to make an important decision and deploy a new, safe and robust solution that effectively deviates from RING and brings about a different smart contract architecture. While we have been successful in developing a strong solution, we have been unsuccessful in making the right decisions concerning migration. We have examined RING’s solution to reset rewards and we wanted to opt in for a different route by emphasising the delivery of aforementioned rewards/emissions. We also wanted to ensure that both token holders and node holders are not left behind and can effectively migrate to the new V2 protocol. While in theory our intentions were good, the execution and endured consequences were subpar. Not all of our holders were able to successfully migrate, the solution resulted in massive turbulence and volatility among the community members. Given the continuously changing dynamics and experienced volatility, the protocol also continuously adjusted the price and reward rates of nodes which did not help facilitate and accommodate the situation.
In retrospect, while we really had the best intentions, the executed course of action was not optimal for neither us, the token holders, node holders or the protocol overall. Many of the poor decisions that we have taken were a result of numerous aspects. Lack of sleep, a poor set of advisors, misjudgment of the potential consequences and unexpected edge cases. The poor decisions have been reflected in the Samurai community overall.
While we cannot stress enough that each one of the decisions executed was genuinely made with the best interests of all holders, we acknowledge that many things resulted in quite the opposite. We came to a realisation that sometimes what is the best for everyone may not appear as such on the first glance.
We wanted to change. We wanted to turn things around. We wanted to deliver what we promised and make sure that no one gets left behind. And that is why we have made a number of decisions in the last few days that we are convinced will effectively remedy, address and solve the existing situation and associated bottlenecks.
We have considerably restructured and redeveloped our team. From advisors, developers, partners, marketers to community managers. We are employing a much more structured approach towards our action plan and brought in people with profound knowledge and expertise in relevant fields. This will enable us to ensure that Samurai remains robust and strong in all aspects.
We want to be clearer and more coherent in terms of how we communicate and engage with the community to ensure information is consistently streamlined and facilitated to our community members. We have a vision and a determined path that we want to pursue to differentiate our protocol from others. There are many exciting things ahead of us, however the most prominent one is our new protocol.
We are introducing HONOUR. A new, safer, reliable and more scalable DeFi protocol. Honour continues to leverage the concept of nodes as a liquidity mining programme and allows individuals to choose from 3 node tiers: Buke, Mononofu and Musha.
While HONOUR is exciting and will bring about a number of unparalleled features that will be disclosed soon after launch, we also want to outline how it ties in to Seppuku and our existing holders. To ensure enhanced sustainability and longevity of the protocol, we have opted for a number of reductive migration parameters such as Seppuku that will ensure that our V1 and V2 node holders are on a levelled playing field. All of our current node holders will be effectively incorporated in HONOUR. The number of nodes and the KTNA version of their node will determine the node quantity and the relevant node tier that an individual will obtain in HONOUR. No airdrops, no token swaps.
We believe this solution maximizes the inclusivity of the different stakeholder groups involved in the protocol. While the snapshots have been already taken before the migration process was initiated, the specifics of each tier and eligibility will be specified upon successful migration and launch of HONOUR to ensure no one tries to abuse the system.
We expect HONOUR to go live in the next 48 to 72 hours and look forward to the new chapter awaiting us. This is time for redemption. This is time for HONOUR.
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